QuarkChain, the highly secured and scalable blockchain network, has entered into strategic cooperation with an ecological department under a Chinese province government. The partnering bodies will put in their joint efforts to create an Environmental Governance Platform on Blockchain or EGPB studded with the excellence of blockchain technology.
QuarkChain announced a strategic cooperation with an ecological department under a Chinese government. We will work on developing an Environmental Governance Platform on Blockchain, which will be used for construction resource management and trading.https://t.co/KNEpCFG27i
— QuarkChain (@Quark_Chain) July 7, 2020
According to the blog post, the Environmental Governance Platform on Blockchain will streamline the system by offering a duly structured framework infused with heterogenous sharding designed to eliminate the need to relaunch a new chain for each expansion. To mention, QuarkChain shines as the first blockchain system that infused state-sharding with blockchain.
The system will facilitate customized configuration of four chief blockchain modules- consensus, transaction model, ledger model, and token economics- and so different shards can be added for different issues depending upon the need. It will eliminate the requirement to relaunch a new chain to aid every expansion. The new initiative will be first employed in a northwest Chinese province to leverage decentralization in construction resource management and trading.
The use of the latest technology, innovative approach, and advanced management techniques, EGPB solution, will allow traceability of the resource mining data in an accurate manner while also exercising diligent supervision of market from chain nodes or participating entities. The provincial government explored various blockchain firms before selecting QuarkChain. The government is confident that QuarkChain can help in proliferating blockchain to various domains to boost the development of industries.
Read the statement given by the government,
The blockchain solution will favor the consortium chain design in which the participants involved in sand mining, transport, trade, etc. will work as the blockchain nodes. Blockchain will ensure transparency and traceability of data between various government institutes. This will keep a check on the exploitation as well as trace transportation and management of resources. In EGPB, resource contracts can be used as financing products. The firms which earlier failed to account for such contracts for financing can now do so and reduce the financing cost involved drastically. One can trade such financial send mining orders on exchange platforms, too, thus, adding the element of security and convenience.
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